11,832 Shares in Kinetik Holdings Inc. (NYSE:KNTK) Purchased by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund purchased a new position in Kinetik Holdings Inc. (NYSE:KNTK) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 11,832 shares of the company’s stock, valued at approximately $615,000.

Other large investors also recently bought and sold shares of the company. Rialto Wealth Management LLC acquired a new position in Kinetik in the 4th quarter worth about $34,000. Comerica Bank raised its holdings in Kinetik by 32.2% in the 4th quarter. Comerica Bank now owns 800 shares of the company’s stock worth $45,000 after purchasing an additional 195 shares during the period. Sterling Capital Management LLC raised its holdings in Kinetik by 789.4% in the 4th quarter. Sterling Capital Management LLC now owns 1,094 shares of the company’s stock worth $62,000 after purchasing an additional 971 shares during the period. EverSource Wealth Advisors LLC acquired a new position in Kinetik in the 4th quarter worth about $67,000. Finally, Cibc World Markets Corp acquired a new position in Kinetik in the 4th quarter worth about $203,000. Institutional investors and hedge funds own 21.11% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on KNTK shares. Citigroup reaffirmed a “buy” rating on shares of Kinetik in a report on Tuesday, June 10th. Scotiabank increased their target price on Kinetik from $54.00 to $57.00 and gave the company a “sector outperform” rating in a report on Thursday, June 5th. Wall Street Zen cut Kinetik from a “hold” rating to a “sell” rating in a report on Tuesday, June 17th. UBS Group began coverage on Kinetik in a report on Tuesday, April 29th. They set a “neutral” rating and a $49.00 target price for the company. Finally, US Capital Advisors raised Kinetik from a “hold” rating to a “moderate buy” rating in a report on Monday, April 7th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $56.56.

Insider Activity

In other news, major shareholder Isq Global Fund Ii Gp Llc sold 4,262,090 shares of the company’s stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $44.16, for a total value of $188,213,894.40. Following the completion of the sale, the insider directly owned 1 shares in the company, valued at $44.16. This represents a 100.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.83% of the stock is owned by company insiders.

Kinetik Price Performance

KNTK stock opened at $43.85 on Friday. The business has a 50 day simple moving average of $43.66 and a 200-day simple moving average of $51.49. The firm has a market capitalization of $6.93 billion, a PE ratio of 46.16 and a beta of 3.00. Kinetik Holdings Inc. has a 1 year low of $37.85 and a 1 year high of $67.60.

Kinetik (NYSE:KNTK) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.24). The company had revenue of $443.26 million during the quarter, compared to analysts’ expectations of $466.54 million. Kinetik had a net margin of 10.74% and a negative return on equity of 8.05%. Kinetik’s revenue for the quarter was up 29.8% on a year-over-year basis. During the same quarter last year, the company earned $0.12 earnings per share.

Kinetik Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 2nd. Stockholders of record on Friday, April 25th were given a $0.78 dividend. The ex-dividend date was Friday, April 25th. This represents a $3.12 dividend on an annualized basis and a dividend yield of 7.12%. Kinetik’s dividend payout ratio (DPR) is presently 328.42%.

Kinetik Profile

Kinetik Holdings Inc operates as a midstream company in the Texas Delaware Basin. It provides gathering, transportation, compression, processing, and treating services for companies that produce natural gas, natural gas liquids, crude oil, and water. The company is headquartered in Midland, Texas.